Credorax, a payments company, has selected Temenos T24 Transact, deployed on the cloud, to provide SME, merchant acquiring and cross-border payment services, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The firm has created an API-centric technology ecosystem with the Temenos open banking platform running on Microsoft Azure.

Temenos was the first banking software provider to launch a cloud offering running on Azure and since 2011, T24 Transact has been available as a managed service on the Temenos Cloud.

T24 Transact is part of Temenos’ new batch of products announced earlier this month.

Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of services, including fraud detection and local processing.

Steen Jensen, managing director – Europe, Temenos said: “With T24 Transact, Credorax can capitalize on real-time flexible technology today, as well as have a foundation for future growth.”

“We want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” added Moshe Selfin, COO of Credorax.

Credorax’s move into cloud-based banking was motivated by the introduction of PSD2, according to the firm.

Founded in 1993 and headquartered in Geneva, Switzerland, Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. More than 3,000 companies around the world, including 41 of the top 50 banks, leverage Temenos’ technology to support the transactions of more than 500 million bank customers.

Temenos is partnering with Bloomberg to deliver contingency net asset value (NAV) calculations to buy-side institutions, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The company will make its Temenos Multifonds Global Accounting product accessible via the Bloomberg Terminal, so it operates with data, analytics, and other investment workflow services Bloomberg offers.

According to the firms, this offering allows asset managers to generate NAV estimates independent of and in parallel to their fund administrators, enabling “accurate daily oversight,” and ensuring continuity of operations in the event of outages.

“By combining Temenos’ distinctive accounting capabilities with Bloomberg’s data and services, we will provide asset managers with a more comprehensive investment lifecycle workflow, support their relationships with fund administrators, and pave the way to deliver additional innovative solutions to buy-side institutions in the future,” said Jean-Paul Zammitt, global head of financial products, Bloomberg.

“We will offer an easy, plug and play solution with a low TCO, starting with NAV oversight and contingency through Bloomberg’s Terminal customers, with a view to unlocking further opportunities into the front and middle office over time,” added Max Chuard, Chief Financial Officer and Chief Operating Officer for Temenos.

Initially focused in the U.S. and Europe, Bloomberg hopes to build relationships within the buy-side industry to provide sales, marketing, and services support. Temenos hopes this opens up new business opportunities.

NAV calculations can be impacted by errors and outages with detrimental results for a firm’s fund operations, performance and reputation. Delivered via Bloomberg, this solution delivers shadow NAV oversight, with no need for onsite infrastructure or associated overhead.

The firms said this gives asset managers and other buy-side institutions a way to validate calculations provided by third-party fund administrators, combining Bloomberg’s buy-side reach and Temenos’ fund accounting software.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, the company is also an alum of our developers conference. Temenos presented its B2B Financial Apps Marketplace at FinDEVr Silicon Valley 2015.

Australian challenger Volt Bank has gone live with Temenos’ T24 core banking system, financial crime mitigation and analytics on the cloud, reports Henry Vilar of FinTech Futures (Finovate’s sister publication).

This will enable Volt Bank to accelerate the deployment of its banking products.

The bank said that “the agility, scalability and security” of the Temenos software running on the Temenos Cloud combined with the Temenos Australian Model Bank approach provided pre-configured country-specific functionality.

Martin Frick, managing director for APAC at Temenos, said: “By combining our Australian Model Bank functionality with the latest cloud technology, we were able to rapidly deploy a next generation banking solution for Volt Bank which will enable the bank to deliver experiences to challenge the status quo.”

Volt Bank uses Temenos and Microsoft Azure cloud technologies and aims to drive an API architecture for quick time-to-market and integrations, as open banking regulation aims to hit Australia in 2019.

In May 2018, the Australian Prudential Regulation Authority (APRA) granted Volt Bank the first restricted authorized deposit-taking institution (RADI) license in Australia. Temenos has since worked with the bank to help it meet its regulatory obligations.

Recently, Isracard , a credit card firm, also signed up for Temenos.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. Founded in 1993 and headquartered in Geneva, Switzerland, Temenos acquired fellow Finovate alum Avoka earlier this month in a deal valued at $245 million. More than 3,000 companies around the world, including 41 of the top 50 banks, use Temenos’ solutions to process the daily transactions of 500+ million banking customers.